InterOil Corporation has agreed with Petromin PNG Holdings Limited, a government entity mandated to invest in resource projects on behalf of the Independent State of Papua New Guinea, for Petromin to take a direct interest in the Elk/Antelope field. Petromin will contribute an initial deposit and will fund 20.5% of the costs of developing the field. The agreement remains subject to certain formal conditions precedent expected to be satisfied within the next month.

“We are very excited that Petromin has agreed to take this interest and undertake this investment,” said Mr. Mulacek, Chief Executive Officer of InterOil. “Participation by the state entity confirms the support expressed by the Government of Papua New Guinea for our proposed LNG project and will provide valuable impetus at this time for our exploration and development efforts.”

Tags: InterOil Corporation, Petromin Resources Ltd.